Karachi: Habib Insurance Company Limited recorded a profit after tax of Rs. 126.68 million for the nine-month period ending on September 30, 2024, marking a 69% increase compared to the same period in 2023. The growth was supported by an uptick in written gross premiums and improved investment income, despite a slight dip in net premium revenue and an underwriting loss.

According to information available from the Pakistan Stock Exchange (PSX), Habib Insurance’s written gross premium rose 7.3%, from Rs. 2.70 billion to Rs. 2.89 billion, while net premium revenue reported a minor decrease from Rs. 1.39 billion to Rs. 1.30 billion. The company faced an underwriting loss of Rs. 135.62 million, a reduction from the Rs. 181.57 million loss recorded in the corresponding period of the previous year. Notably, a considerable amount was allocated to reserves, anticipated to yield future benefits.

Investment and other income during the period also saw significant growth, increasing from Rs. 245.44 million last year to Rs. 296.37 million. This led to a rise in earnings per share, which reached Rs. 1.02 compared to Rs. 0.61 per share in the same period of 2023.

The company expressed optimism for continued progress in underwriting results and investment income for the remainder of the year, alongside its hopes for peace and prosperity in Pakistan.